2015-08-09

Crackdown on Foreign Real Estate Purchases Begins

Treasurer Joe Hockey said foreign investors have been ordered to sell six properties in the cities of Sydney, Brisbane and Perth. The homes are valued between 152,000 and 1.86 million Australian dollars (US$112,768 and US$1.38 million).

The orders could be the tip of the iceberg, with Mr. Hockey revealing probes have unearthed 462 possible breaches of foreign homeownership rules after the government ramped up its spending on enforcement in its May budget. The number of cases being investigated has more than doubled since the last estimate was given in June.

The treasurer said he expects more divestment orders will be announced soon, and promised to increase penalties for those who break the rules.